Mid Atlantic Real Estate Journal — New Jersey — September 13 - 26, 2013 — B


N ew J ersey

Triarsi represents sellers in three transactions Gebroe-Hammer Associates completes sales totaling $.378m


IVINGSTON, NJ — As one of the nation’s most densely populat-

property is a mix of one- and two-bedroom units. “This is a unique building that looks like an old-world hotel,” said Triarsi. “The units’ kitchens have been recently updated, and the buyer will be making additional improve- ments to bring the property up to competitive market rates.” Also in Plainfield, the broker- age team of Triarsi and execu- tive vice president David Jar- vis orchestrated the $625,000 sale of 1348 West Front St. The three-story building, which was constructed in 1930, is comprised of 13 units, which were fully occupied at the time

of sale. In Union County’s southeast- ern city of Linden, an 18-unit studio apartment complex at 612 Ziegler Ave., also recently sold for $1.2 million. The prop- erty traded at a 6.8 percent capitalization rate. The sale was part of the seller’s port- folio disposition, according to Triarsi. Strategically situated near U.S. Rte. 1/9 and Rte. 27, the complex is accessible to numerous parks and recre- ational facilities; major inter- state highways, including the Garden State Parkway and NJ Turnpike; and Linden and Newark airports. n

ed counties where apart- ment-rental living is the favored resi- dential living option, Union County, NJ’s multi-family investments

Gehane Triarsi

are continuing to pick up speed, according to the brokerage professionals at Gebroe-Ham- mer Associates. Most recently, the firm orchestrated three transactions involving 64 units that sold for a combined $4.375 million. Each of the separate trades was orchestrated by Gehane Triarsi , sales representative, who represented the sellers. Since joining Gebroe-Hammer in 2011, the area market spe- cialist has expanded the firm’s Union County presence and transaction pace. “Overall, the Union County multi-family market is very healthy and robust,” she said. “Centrally located, this county has a large commuter popula- tion attracted to the convenient local mass transit links and other lifestyle amenities. Prop- erties that do become available consistently attract very strong demand from investors.” In Plainfield, Triarsi arranged the sale of a 33-unit complex at 821 Central Ave., for $2.55 million, or $77,272 per unit. The property was sold by the estate of the late owner, who had owned the well-maintained building for 11 years. Located in the city’s historic section, the came continued in the second quarter as M&MRealty Part- ners purchased 1111 Durham Ave. in South Plainfield, with plans to demolish the existing 236,710 s/f office building to construct a multifamily prop- erty. “With New Jersey’s unem- ployment rate down nearly a full percentage point since the start of the year, we anticipate leasing activity to remain high throughout the remainder of 2013,” said David Opper , senior VP, CBRE NJ. “As com- panies continue to tap into the state’s deeply educated work- force, New Jersey will remain a premier choice among office tenants.” n continued from page 2A CBRE Group, Inc

Dominance: “...most influential, having a commanding position.” (Webster’s) Q2 2013 • 22 DEALS • Still Averaging 2 Deals A Week DOMINANCE. New Jersey’s dominant brokerage firm specializing in the sale of

multi-family, retail, and commercial investment properties for private investors, REITS, and other institutional clients.

INVESTMENT REAL ESTATE 2 West Northfield Road, Livingston, NJ 07039 Tel. (973) 994-4500 Fax (973) 994-9752 Visit us on the web at: www.gebroehammer.com Email: info@gebroehammer.com

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